-consistent policy rules that implement the stochastic first best as long as a future market exists. We apply our theory to carbon …

develops technologies which reduce the cost of pollution abatement. The innovating firm can patent this innovation and use a … either a pollution tax or a marketable permit. However, the returns to the innovator from innovation are not the same under …

technologies which reduce the cost of pollution abatement. The innovating firm can patent this innovation and use a licensing fee … a pollution tax or a marketable permit. However, the returns to the innovator from innovation are not the same under the …

technologies which reduce the cost of pollution abatement. The innovating firm can patent this innovation and use a licensing fee … a pollution tax or a marketable permit. However, the returns to the innovator from innovation are not the same under the …